“Shovel Ready” gets a big shove forward in Virginia!

Virginia’s Governor, Bob McDonnell, made efforts to push “Shovel Ready” projects into high gear recently by stating: "Without an adequate transportation system, almost every aspect of our daily lives and government are negatively impacted…Therefore, we must get serious and start treating transportation like a core function of government." Governor McDonnell backs up his declaration with his three-year, $4 billion 2012 Transportation Plan for the Commonwealth of Virginia which includes:
  • Creation of a Virginia Toll Road Authority to construct, maintain and operate toll road facilities statewide. Under the plan, existing facilities controlled by the Virginia Department of Transportation would be transferred to the authority's purview.
  • Authorize the Commonwealth Transportation Board to sell naming rights for Virginia highways, interchanges, bridges and other infrastructure for an annual fee which would go toward maintenance costs.
  • Enhance Barge and Rail Use, International Trade Facility and Port Volume Increase tax credits to make the Port of Virginia more competitive.
Gov. McDonnell’s 2012 Transportation plan is building on his ambitious establishment of the State Infrastructure Bank (SIB) in 2011. The vast majority of the money used to back Virginia’s SIB came from savings McDonnell found within the transportation department’s budget. However, there is hope for more money; Senators Wyden of Oregon, Begich of Alaska, and Hoeven of North Dakota — want to give each state $1 billion in bonding authority to use through existing infrastructure banks. The bonds would be for Transportation and Regional Infrastructure Projects which reward the bondholders with tax credits rather than dividends. Though President Obama joked, last summer, "Shovel-ready was not as shovel-ready as we expected," it seems McDonnell and many other “Law Makers” didn’t see the humor in it!